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Property & Casualty

What is an annuity?

Simply put, an annuity is a contract between you and an insurance company. It is designed to protect and grow your money, and then provide a stream of income during your retirement.
In fact, other than pensions, annuities are the only products that provide guaranteed lifetime income.

Protection and growth: You want to grow your money while protecting all or some of it from loss.

Tax-deferral: You want to take advantage of tax-deferred growth.

Retirement income: You want to turn the money you’ve saved into a regular paycheck for a specified number of years or for life.

Death benefit: You’re looking for an efficient way to leave a legacy for your loved ones.

What an annuity isn't

As you consider if an annuity is right for you, it’s important to keep in mind that an annuity is:

Not ownership of shares of any individual stock, index fund or mutual fund

Not a bond or a certificate of deposit (CD)

Not insured by the FDIC, like a bank CD or a checking or savings account, or by any federal government agency, or guaranteed by a bank or credit union. Annuity guarantees are backed by the financial strength of the issuing insurance company.

Not available for "instant access" like a bank account. While a portion of your money is available each year for a penalty-free withdrawal, an annuity should be used as part of
your long-term retirement plan.

Simple is Great

At Great American, we understand the importance of retirement security. With medical advances in health care leading to increased longevity, it's possible your retirement may last longer than 30 years. That's why it's important
to work with a company that has long-term financial strength and experience.

Group Annuity for Pension Buyout

Annuity Insights

The steady interest rates and short-term liquidity of a fixed rate product like a certificate of deposit may sound appealing. They provide you with the certainty of a fixed rate of return. They also allow you to access your money without penalty after a short period of time. However, this type of product could end up costing you in the long run. Generally, short-term liquidity means lower returns.

Great American Insurance Group’s member companies are subsidiaries of American Financial Group, Inc. (AFG). AFG is a Fortune 500 holding company whose common stock is listed on the New York Stock
Exchange.